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Raising The Stakes

Posted on November 4, 2011

Siemens is increasing its stake in Britain’s Marine Current Turbines Ltd. to 45%. The company realigned its renewables business into two independent units. The former Renewable Energy Division was split into two new divisions – Wind Power and Solar & Hydro.

Marine Current Turbines (MCT) evolved into a technology company in horizontal-axis marine current turbines and has 25 employees. In February 2010, Siemens acquired a minor stake in the Bristol-based company and thus entered the marine tidal current sector.

“Through the expansion of the partnership with Siemens, we have further strengthened our position in the tidal energy market,” said Andrew Tyler, CEO of MCT. “We are about to approach investors to secure funding for our first two tidal array projects, and Siemens’ increased investment as well as U.K. Government support should give investors the confidence that we have the necessary backing and support to deliver these crucial projects and the ones to follow.”

MCT plans to present two project investment prospectuses to the market in November for the 8 MW Kyle Rhea project in Scotland and the 10 MW Anglesey Skerries project in Wales. For both projects, applications for lease from The Crown Estate have already been approved. The UK Government’s renewable obligation certificate (ROC) banding announcement in October recommends the support of tidal power projects with five ROCs per MW/h. In addition, MCT has an approval for a lease from The Crown Estate to deploy a 100 MW tidal farm off Brough Ness on the southernmost tip of the Orkney Islands in Scotland.

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